18 SEPTEMBER 2014AlCircle.com
Aluminium and other base metals trend higher in China - ASIA METALS
Edited by : AL CIRCLE
1 min read
The news of People’s Bank of China (PBoC) providing CNY 100 billion of lending facility each to China’s five largest banks to boost liquidity has created ripples in the Asian trading sector. The prices of base metals continue to trend higher on Wednesday’s Asian trade after the news had broken out overnight.
All major US indices closed higher on Tuesday, led by the Nasdaq and S&P 500 which closed 0.75 percent higher. In Asia, most stocks were trading higher as well, with the Hang Seng up more than a percent, Shanghai Composite up 0.15 percent and the STI up 0.47 percent.
Aluminium bounced back to $2,000 on Tuesday, closing at a price of $2,026 and surged to $2,033 per tonne on Wednesday morning.
“Fundamentals-wise, some may argue they are pretty weak with oversupply and high inventories; but this has been balanced by negative rating outlook on Alcoa on expectations of depleting LME stocks,” according to broker Triland Metals.
According to the Inventory data for Tuesday aluminium stocks came down 10,775 tonnes to 4,700,900 tonnes, the lowest now after its heights in 2011 December.
All major US indices closed higher on Tuesday, led by the Nasdaq and S&P 500 which closed 0.75 percent higher. In Asia, most stocks were trading higher as well, with the Hang Seng up more than a percent, Shanghai Composite up 0.15 percent and the STI up 0.47 percent.
Aluminium bounced back to $2,000 on Tuesday, closing at a price of $2,026 and surged to $2,033 per tonne on Wednesday morning.
“Fundamentals-wise, some may argue they are pretty weak with oversupply and high inventories; but this has been balanced by negative rating outlook on Alcoa on expectations of depleting LME stocks,” according to broker Triland Metals.
According to the Inventory data for Tuesday aluminium stocks came down 10,775 tonnes to 4,700,900 tonnes, the lowest now after its heights in 2011 December.
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